According to BlockBeats, on May 15, Republican senators introduced amendments to the CLARITY Act during its banking committee review, requiring the establishment of a regulatory system by the SEC and CFTC for the sale and distribution of digital goods, and providing enforcement for investor and consumer protection.
Democratic Senator Warren opposed the amendment, calling it "fig leaf number nine." He argued that while it claims to restore state-level consumer and investor protections and the ability for victimized investors to sue, it's riddled with exceptions, conditions, and loopholes, making it essentially meaningless. One of the amendment's most serious and fatal flaws is that it strips states of law enforcement power. With the growth of the crypto industry, scams are also increasing, and state police are the only line of defense for law-abiding Americans. He added that if this amendment actually did something, he would support it. But in reality, it does nothing; it just fools people into thinking it does something.
The amendment passed with 18 votes in favor and 6 against. The Cryptocurrency Market Structure Act (CLARITY Act) is currently undergoing clause-by-clause voting on the amendment.
